Rekha Jhunjhunwala-backed Baazar Style Retail files RHP, IPO to open on August 30 | Bazaar Style Retail submits draft-papers with SEBI: IPO will open on August 30, Rekha Jhunjhunwala will sell her 27.23 lakh equity shares

Investor Rekha Rakesh Jhunjhunwala’s stakeholder company Bazaar Style Retail (Style Bazaar) has filed Red Herring Prospectus (RHP) i.e. draft paper with SEBI. The company can announce the price band of its IPO on August 27.

According to the prospectus, the initial public offering comprises a fresh issue of equity shares aggregating to Rs 148 crore and an offer for sale (OFS) of up to 1.7 crore equity shares by promoter group entities and other selling shareholders.

Rekha Jhunjhunwala to sell 27.23 lakh equity shares
Under OFS, Rekha Rakesh Jhunjhunwala will sell 27.23 lakh equity shares. Apart from her, Intensive Softshare Private Limited will sell 22.40 lakh shares and Intensive Finance Private Limited will sell 14.87 lakh shares.

Investor Rekha Rakesh Jhunjhunwala.

The Kolkata-based value fashion retailer will launch its anchor book for the IPO on August 29, 2024, with the issue open for public subscription from August 30, 2024 to September 3, 2024.

Link Intime India appointed as Registrar
Axis Capital, Intensive Fiscal Services and JM Financial are acting as the book-running lead managers to the issue, while Link Intime India has been appointed as the registrar.

The company will use the funds raised from the IPO for general corporate purposes
According to the RHP, the IPO is a combination of a fresh issue and OFS. Therefore, the company will use the funds raised from the IPO for pre-payment or repayment of certain outstanding borrowings and for general corporate purposes.